Advisory Aug, 30 2010

Searching a Franchise Business Online

Various mediums are available to search a franchise opportunity. However, internet is emerging as the most appropriate and popular medium to select a franchise business. If you are a young aspiring entrepreneur and exploring an appropriate medium to selec

By Abha Garyali
Sub Editor
Searching a Franchise Business Online

Advantages of internet research

The internet has made it simpler to seek information regarding n number of franchises within a short span of time. The various websites have no shortage of information regarding the franchise owner, popularity, or criteria for selecting a franchise etc. An interested entrepreneur can also get access to information regarding any lawsuits or complaints from the existing franchisees. At the same time, using the internet can be a daunting task for entrepreneurs who are not so net savvy. Few of them can even feel overwhelmed with the amount of data available on the internet and may not make a perfect use of it.

The article provides some handful tips to the aspiring entrepreneurs for conducting a wise research about the franchise business companies and selecting the best out of them.

Using the internet

Before beginning the search for any suitable franchise, the aspirants should read and understand the concept and complexities of franchising. It is well known that lack of knowledge of any concept can lead to failure. Therefore, it is always advisable for entrepreneurs to be well-versed about their franchise interest. Few of the other helpful tips are given as under:

  • Make list of franchise companies: Firstly an entrepreneur should make a list of the various franchise companies and their ratings. One can get such lists from different websites. 
  • Read with a pinch of salt: Do not believe in whatever you read on the different websites. You are bound to come across information that is biased, wrong and incomplete on the web. Always apply critical thinking when researching online. 
  • Published material is not always accurate: One can come across hundreds of articles based on franchise prospects and opportunities. Therefore, do not reply completely on such information without checking its authenticity.
  • Visit high traffic sites: It should always be preferred to visit high traffic websites instead of new websites for gaining information. The established sites are more reliable than new sites. The information published there is more credible and reliable. 
  • Do not trust unsuccessful franchisees: Some of the websites contain grievances of the failed franchisees. It is important to read them but these should not be taken as the complete truth. If an entrepreneur is really interested in some franchise but is afraid to invest in it due to unsuccessful stories of a few franchisees, he can clarify his doubts with the franchisor.  
  • Platform for gaining contacts: The various social websites like facebook, orkut, LinkedIn etc can also be helpful for making the right selection. Aspiring entrepreneurs can come in contact with the existing franchisees of the companies. They can develop friendly relations and can get lot of hidden information. 

Word of caution

Seeking knowledge through the internet is good but taking a decision and investing hard-earned money on any best franchise business without correct information can be the biggest mistake of any entrepreneur. Thus, it can be said that no doubt internet is an important source of information, but using it wisely is equally important.

Franchising has emerged as a proven business concept with minimum risk of failures attached to it. However, franchising does not guarantee 100 per cent success, but selecting an appropriate franchise business increases the chance of success. The availability of mediums like trade shows, magazines, newspapers, and internet has give a lot of exposure to aspiring entrepreneurs to study the various franchise opportunities. Out of these mediums, internet is latest, cost effective, and readily available medium. No doubt, using the medium of internet to find out a franchise opportunity is gaining wide acceptance but a considerable amount of cautiousness is also required before opting the medium as a search tool. The article highlights the brighter sides of using internet for selecting the right franchise business.

Advantages of Internet Research

The internet has made it simpler to seek information regarding n number of franchises within a short span of time. The various websites have no shortage of information regarding the franchise owner, popularity, or criteria for selecting a franchise etc. An interested entrepreneur can also get access to information regarding any lawsuits or complaints from the existing franchisees. At the same time, using the internet can be a daunting task for entrepreneurs who are not so net savvy. Few of them can even feel overwhelmed with the amount of data available on the internet and may not make a perfect use of it.

The article provides some handful tips to the aspiring entrepreneurs for conducting a wise research about the franchise business companies and selecting the best out of them.

Using the Internet

Before beginning the search for any suitable franchise, the aspirants should read and understand the concept and complexities of franchising. It is well known that lack of knowledge of any concept can lead to failure. Therefore, it is always advisable for entrepreneurs to be well-versed about their franchise interest. Few of the other helpful tips are given as under:

  • Make list of franchise companies: Firstly an entrepreneur should make a list of the various franchise companies and their ratings. One can get such lists from different websites. 
  • Read with a pinch of salt: Do not believe in whatever you read on the different websites. You are bound to come across information that is biased, wrong and incomplete on the web. Always apply critical thinking when researching online. 
  • Published material is not always accurate: One can come across hundreds of articles based on franchise prospects and opportunities. Therefore, do not reply completely on such information without checking its authenticity.
  • Visit high traffic sites: It should always be preferred to visit high traffic websites instead of new websites for gaining information. The established sites are more reliable than new sites. The information published there is more credible and reliable. 
  • Do not trust unsuccessful franchisees: Some of the websites contain grievances of the failed franchisees. It is important to read them but these should not be taken as the complete truth. If an entrepreneur is really interested in some franchise but is afraid to invest in it due to unsuccessful stories of a few franchisees, he can clarify his doubts with the franchisor.  
  • Platform for gaining contacts: The various social websites like facebook, orkut, LinkedIn etc can also be helpful for making the right selection. Aspiring entrepreneurs can come in contact with the existing franchisees of the companies. They can develop friendly relations and can get lot of hidden information.

Word of Caution

Seeking knowledge through the internet is good but taking a decision and investing hard-earned money on any best franchise business without correct information can be the biggest mistake of any entrepreneur. Thus, it can be said that no doubt internet is an important source of information, but using it wisely is equally important.

Related: Debuting franchise success

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